MARKET TALK: BT Group 1Q Update Solid - Berenberg

29th Jul 2010 07:51

0651 GMT [Dow Jones] BT Group (BT.A.LN) reports a solid 1Q update, says Mandeep Singh at Berenberg Bank, with group revenues a little better than expected and Ebitda 2% ahead of consensus. Says FY guidance is unchanged, but the language sounds more cautious. Says the quarterly cashflow is very strong and consequently net debt is better than expected, also aided by lower capex. "Overall good results, but stock has performed very well into numbers already," says Singh. Has a buy rating and 160p price target. Shares closed at 140p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 29, 2010 02:51 ET (06:51 GMT)